Business Entities

When starting a business there are numerous business entities that can be formed. Contact Spees Law to discuss the different options and to find the best for you. Spees Law can help you set up a partnership, corporation, non-profit organization, trust, foundation and other business entities.

Corporation:
A body formed and authorized by law to act as a single person although constituted by one or more persons and legally endowed with various rights and duties including the capacity of succession

Partnerships:
A legal relation existing between two or more persons contractually associated as joint principals in a business

Limited Liability Companies (LLCs):
An LLC is a mix of a corporation and partnership because it provides the limited liability features of a corporation and the operational flexibility and tax efficiencies of a partnership. LLCs are not taxed as a separate business entity like the shareholders in a corporation. Instead, all profits and losses are passed through the business to each of the members of the LLC. LLC members report profits and losses on their personal federal tax returns.

Limited Liability Partnerships (LLPs):
An LLP is a partnership in which the partnership is liable as an entity for debts and obligations and the partners are not liable personally.

S-corporation:
S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. The corporation makes an election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code.

Benefit corporation or B-corporation:
legislated in 28 U.S. states, that includes positive impact on society and the environment in addition to profit as its legally defined goals. B corps differ from traditional corporations in purpose, accountability, and transparency, but not in taxation.

Charitable Foundations (nonprofits):
A nonprofit organization is one that uses its surplus revenue to further its mission statement rather than distributing income to its directors and shareholders. Designation as a nonprofit means that the organization does not have owners and that the funds raised by the operation will not be used to benefit the owners, but there may actually be a profit.

Private Foundation:
A private foundation can be set up by an individual, a family or a group of individuals, for a purpose such as philanthropy or an object legal in the economic operation. A private foundation does not solicit funds from the general public but derives its funds from those that setup the foundation.

Memorial Fund, memorial scholarships and charitable gifts:
Honor a loved one by starting a Memorial fund in their honor to support a cause. A memorial fund a a way to remember a lost one by doing something positive in his or her honor. Setting up a memorial fund is doesn’t require the extensive paperwork of a non-profit. We will handle the administration and accounting.